Bitcoin and Ethereum Price Forecast – BTC Prices Rebound from Support

As expected, the BTC rebounded from the lows of the range and are now trading in the $6500 region as of this writing. We had mentioned about the possibility of this rebound in our forecast yesterday but we had also said that as long as the prices continue to trade below the $6800 region, it is unlikely for the bulls to get any sort of control over the market and it is likely that the rebound would be short lived. We are heading towards the weekend when the volatility and the liquidity is expected to become lower but the bulls would be watching the price action closely in the coming days and would be looking for an opportunity to push the prices higher, if the chance arrives.

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BTC Prices Revive

There are no fundamental reasons for the prices to fall lower at this point of time but it is clear that this fall is more due to demand and supply and the general outlook over the crypto market rather than anything changing in the fundamentals. The fall has affected the entire crypto market and is not something that is specific to BTC. Even those tokens that have strong fundamentals and whose projects and products continue to do well have suffered a loss in their value which shows that the loss is pretty much widespread across the markets and this is likely to continue in the short term.

The ETH markets is one of those that has been affected by this downtrend though its fundamentals continue to remain strong and the network continues to develop in due course of time. The prices trade below the $400 region as of this writing and it is likely that the weakness would continue in the short and medium term as well unless and until the bulls take control.

Forecast

Looking ahead to the rest of the day, we expect some consolidation and ranging to happen in the markets for the day as the traders contemplate the next course of action. We do not expect the resistance around the $6800 region to be broken back soon and so we can only expect more consolidation. If there is indeed a break, then that is a signal to go long again.